PayFort is a startup based in the United Arab Emirates that provides payment solutions to customers across the Middle East through FORT, its payments gateway.
“Today as part of Souq Group Inc. we are pleased to officially announce that Payfort International Inc. and its subsidiaries will be acquired by Amazon through Amazon’s acquisition of the Souq Group. We are excited about the future opportunities that are ahead of us as part of Amazon,” said Payfort CEO Omar Soudodi in a statement.
The deal features a clause where a fintech company under the name of PayFort will be added to Amazon’s assets. The company was initially under the management of Souq.com. After acquiring Souq, PayFort comes under Amazon.
According to the PayFort Managing Director, Omar Soudodi,
Payfort was established in 2013 to build online payment portals for businesses.
Payfort platform enables organizations—small and medium-sized businesses as well as startups, government bodies, and large enterprises—to accept online payments via debit and credit cards.
With the payment gateway integrated into their websites, companies can offer secure, easy payment facilities to customers across 80 countries. PayFort counts Etihad Airways, Ferrari World, and Souq.com among its customers.
Though the authorities avoided revealing the price at which it bought Souq the rumors were still hot that it costed them worth $650 million to $750 million. If these anonymous sources are to be believed the price is not too much for acquiring the biggest e-commerce chain and this is definitely a deal of benefit and not of loss.